The city stands to lose more than $9 million a year if the FBI moves from its grossly inadequate Pennsylvania Avenue NW digs, but a privately owned mixed-use building at the same site would offset that loss, and then some, according to study for the D.C. Office of the Chief Financial Officer.

The report, released Friday, states that the redevelopment of the 290,000-square-foot property at Ninth Street and Pennsylvania Avenue NW into a 2.3 million-square-foot mixed-use community, for example, would net $28 million a year for the District's coffers, plus $41 million in one-time tax revenue as a result of the construction itself — permits, fees, recordation taxes, sales and income taxes.

If the FBI chooses to move to Poplar Point, as Mayor Vincent Gray has proposed, D.C. would net an additional $34 million a year and gain 6,800 jobs, according to the study, conducted by National Academy of Public Administration and real estate consulting firm Bolan Smart Associates Inc.

The General Services Administration is weighing various options for upgrading the FBI's presence in the District or its suburbs. One possibility: Swap the Pennsylvania Avenue property with a private developer's property for the construction of a new headquarters building. Local jurisdictions in Virginia and Maryland are vying with D.C. for the lucrative federal relocation.

The study found that the FBI currently generates $27.3 million for the District, and the city stands to lose only a third of it with a move — $9.2 million. That means, whether or not the FBI relocates to Poplar Point (and the study notes several significant "barriers" to such a move), the District should still bid the agency adieu.

"There is a substantial yearly tax revenue benefit flowing to the District from replacing the current FBI Headquarters with a private-sector redevelopment," according to the report's findings. "However, there will be a net overall loss of jobs if the FBI leaves the District. The District can realize both incrementally higher yearly tax revenue and employment gains from having Poplar Point, or another District property selected as the relocation site, particularly when the transaction is structured as a private lease."

Notes from the study:

An estimated 15 percent of FBI headquarters employees are District residents, and they have an average annual income of $95,000. However, the study team was "unsuccessful" in obtaining a cross section of salient headquarters-related information from the FBI.

FBI employees who cannot fit into the headquarters currently work out of some 700,000 square feet of privately owned D.C. office space.

Redevelopment of the FBI site will boost neighboring property values by an estimated 5 percent.